Development Opportunity in Sea Point East/Three Anchor Bay area near the Main Road.
Where the area in general surrounding the Adelphi Centre is experiencing a revival, with the development of apartment blocks offering an affordable entry level property market, is this erf, ready for re-development.
All the plans have been pre-approved by the heritage department: application for departure approved, so that ground work has been done.
Demolition Permit has also been approved and issued.
The zoning is in place for a three storey structure, offering 5 units in total, with a communal garden at the top; with plans drawn up ready to proceed with scrutiny at LUMS.
However, you can have your own plans drawn up if you wish to produce more units within the floor factor equal to the size of the erf which is 527sqm, but that will need to go through Heritage again, so there will be a delay of around 12 – 18 months going through this process. Which raises the uniqueness of this already approved site with the plans that have been drawn up.
For a concise feasibility study on this opportunity, please contact me for more details.
The Market Analysis for the Atlantic Seaboard sales over the last ten years, indicates a growth in demand for residential properties, as well as the R/sqm performance in sales on average showing a steady increase year on year.
This is a great entry level development for any developer looking to get started with building sooner than later.
A tenant currently resides at the property and will have to be given a 3 calendar month notice period to vacate.
